HB4547 Summary

• Amends the School Code to create a new "property tax relief abatement" provision allowing school boards to reduce the amount of taxes levied for educational purposes for a given levy year.

• Requires school districts that approve a property tax relief abatement to file a certified copy of the resolution with the county clerk of each county where the district is located by March 1 of the following calendar year.

• Specifies that any property tax relief abatement granted shall be included in the school district's aggregate extension base for purposes of the Property Tax Extension Limitation Law, effectively treating forgone revenues as if they were extended.

• Amends the Property Tax Code to reference the new School Code provision in the definition of "aggregate extension base."

• Takes effect immediately upon becoming law.